By Alexandra Ulmer
RANCHO PALOS VERDES, California (Reuters) – Donald Trump will not sell any of his majority stake in the company that owns Truth Social and will not abandon the social media platform he created, the Republican U.S. presidential candidate told reporters on Friday.
Shares of Trump Media & technology Group rose 18% following his comments.
Trump owns about 57% of Trump Media, whose shares fell this week following his televised debate with his Democratic rival, Vice President Kamala Harris.
The stock's rise on Friday follows weeks of steady declines ahead of key dates later this month when Trump and other company insiders will be allowed to sell their shares.
“No, I'm not selling,” the former president said in response to a question from Reuters. “I'm not leaving. I love it. I think it's great.”
Trump Media saw its value soar to nearly $10 billion after it went public in March, fueled in part by Trump supporters and traders betting he would win the Nov. 5 presidential election.
Under the terms of Trump Media's listing, Trump and others at the company will be able to sell shares starting later this month, potentially flooding the market with additional shares.
If the stock price remains at $12 or higher for 20 business days starting on August 22, Trump will be able to sell shares beginning on September 20. Otherwise, he will be able to sell shares beginning on September 26.
Shares were last trading at $18.60 on Friday following Trump's comments.
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